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J&J Said to Near Agreement for Pharmacyclics Purchase

Johnson & Johnson is nearing an agreement to acquire cancer-drug maker Pharmacyclics Inc., people with knowledge of the matter said.

A deal may be announced as soon as Thursday, said the people, who asked not to be identified discussing private information. Pharmacyclics closed at $230.48 Wednesday in New York, giving the company a market value of about $17.5 billion after its shares surged 89 percent so far this year.